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Remitly is an American online remittance service based in Seattle, United States that offers international money transfers to over 170 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021.
Remittance services of banking institutions likely account for less than 5-10% of U.S.- Latin America money transfers. Despite Large profit margins, the money transfer systems of banks were set up with large sums of money in mind, making small remittance transfers of only a few hundred dollars or less relatively inefficient and undesirable.
In 1985, the first branch of LBC outside the country was established in San Francisco, California, in the United States. [1] Along with the opening of its US-based branch, the company introduced the famous “Balikbayan Box” [2] and their money remittance service to cater to Overseas Filipino Workers (OFW).
International money transfer ad in London, with texts in Polish and Russian. Remittance has been defined by the World Bank as the part of the earnings which a migrant worker sends back to family members in the country of origin. Worldwide, the flow of remittance has increased from US$72.3 billion in 2001 to approximately US$483 billion in 2011. [3]
The company was founded in 1988 as Trans-Fast and focused on money transfers from the U.S. to Latin America.In 2007, the company received a private-equity investment from Greenhill Capital Partners, LLC and changed its name to Transfast Remittance LLC.
Country Remittances received (USD millions) Remittances as % of GDP Year India 129,100 [3]: 3.3 2024 Mexico 61,100 4.2 2022 Philippines 38,049 9.4 2022 France 33,928 1.2
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